Dunno have to wait and see what the deal on the table is. Not...

Dunno
have to wait and see what the deal on the table is.
Not over yet. The banks obviously believe they can get better than 55c in the dollar with an administrator

from the half yearly
"cash outflow for the half of $156 million, capital expenditure $139 million,

adverse foreign exchange translation of $36 million, and proceeds from asset sales of $5 million. The Mining business and Whyalla Steelworks account for ~$230 million of the cash outflow through operating cash losses, capital expenditure and Southern Iron closure costs."​

Fix Whyalla and the mine to break even in the above scenario and they can service the debt. Not pay it off but service it.

The banks must have a plan to get their money if they are happy to throw in another 400 mil. I don't think its a fire sale. If it was, why tip in the extra 400 mil?